Minister of State for Petroleum Resources Heineken Lokpobiri announced on Thursday that Nigeria has won the bid to host the African Energy Bank (AEB) headquarters.

Speaking after a meeting of the Council of Ministers of African Petroleum Producers Organisation and Afrexim Bank, the joint promoters of the bank yesterday in Abuja, Lokpobiri said the Bank will facilitate energy projects across the continent.

“I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank. The prestigious honour is a testament to our country’s leadership and commitment to the energy sector”.

“It is a remarkable victory for Nigeria and the continent and symbolizes our collective effort to harness and develop our rich energy resources for a brighter and more sustainable future.” He added.

The AEB is a multilateral institution dedicated to financing Africa’s hydrocarbon resources, facilitating the energy transition, and making net-zero commitments. This significant development is poised to reshape Nigeria’s oil and gas sector, positioning the country as a pivotal player in Africa’s energy landscape.

Establishing the $5 billion Africa Energy Bank in Nigeria is expected to yield various advantages, including bolstering Nigeria’s Gross Domestic Product and creating new employment opportunities.